Nigeria | - Part 32

Nigerian Regulator Seeks to Block Takeover of Etisalat Unit

LAGOS (Capital Markets in Africa) – Nigeria’s telecommunications regulator is seeking to block a potential takeover of Emirates Telecommunications Corp.’s unit in the country by a group of banks after the mobile-phone operator missed repayments on a $1.2 billion syndicated loan. The Nigerian Communications Commission has urged the central bank to intervene in the matter because it is concerned over the fate of Etisalat Nigeria’s more than 20 million subscribers in the country, the Abuja-based NCC said in an…

Nigeria’s economic recovery plan has modest oil & gas ambitions but needs clarity, Says Ecobank

Posted on by The Editorial Team

LAGOS (Capital Markets in Africa) – The government of Nigeria rolled out its Economic Recovery and Growth Plan yesterday. The plan, which is expected to enable the country borrow funds from both the World Bank and African Development Bank, is targeted at quickly pushing the country out of recession back into a stable growth path between 2017 and 2020. A cardinal aspect of the plan is fixing the oil and gas sector to enable output…

Egypt’s pound shows Nigeria must overcome its fear of floating free

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CAIRO (Capital Markets in Africa) – A currency devaluation may do little to fix Nigeria’s problems unless it follows the examples of emerging market peers Egypt, Argentina and Russia and embraces floating exchange rates. Grappling with the recession, widespread dollar shortages, a budget funding gap and international lenders’ reluctance to provide loans, Nigeria has moved tentatively to devalue its currency. The naira traded as low as 375 per dollar on Monday versus the official rate of…

INTO AFRICA March 2017 Edition: Africa’s Lions: Trust in Fundamentals

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LAGOS, Nigeria, Capital Markets in Africa: Welcome to March edition of INTO AFRICA, the publication with fresh insight into Africa’s emerging capital markets. Please download by clicking: INTO AFRICA PUBLICATION: MARCH 2017 EDITION. Recent years have been challenging for Africa: so is the honeymoon over or did the wedding even take place? The oil price crash has had a serious impact on several African countries; the strength of the dollar is causing financing and FX issues; incidences of terrorism…

Sahel Capital and CardinalStone Capital Invest in Crest Agro Products, Nigeria

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LAGOS (Capital Markets in Africa) – Sahel Capital, fund managers for the Fund for Agricultural Finance in Nigeria (“FAFIN”) and CardinalStone Capital Advisers (“CCA”), a Nigerian Private Equity Fund Manager, are pleased to announce that definitive agreements have been executed for an investment in Crest Agro Products Limited (“Crest Agro”), an integrated cassava processor based in Kogi State. Founded in 2013, Crest Agro was set up to harness opportunities in the cassava starch sub‐sector. The…

Nigeria’s economy shrinks by 1.51% in 2016 for first time in 25 years

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LAGOS (Capital Markets in Africa) – Nigeria’s economy contracted 1.5 percent in 2016 due to lower oil revenues and a shortage of hard currency, the National Bureau of Statistics said on Tuesday, its first annual contraction in quarter of a century. Africa’s largest economy slid into recession in the second quarter of 2016 as a slump in crude prices hammered the OPEC member’s public finances and battered the naira currency. Crude sales make up two-thirds…

Nigerian Breweries Buoys Market Performance…NSE ASI marginally up 1bp

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LAGOS (Capital Markets in Africa) – The Nigerian equities market closed flat as the All Share Index rose 1bp to settle at 25, 251.63 points, while YTD loss of the index was unchanged at -6.0%. The major drivers of the positive performance today were NIGERIAN BREWERIES (+4.3%), FBNH (+3.2%) and ACCESS(+2.5%) as market capitalisation rose N741.4m to N8.7tn. Activity level strengthened as volume and value traded rose 26.9% and 181.1% to 131.2m units and N2.8bn…

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